Iraq-Russia-Saudi discuss importance of oil price stability

Iraq, Russia and Saudi Arabia held a joint meeting on Tuesday to discuss the importance of maintaining oil price stability, just days before a meeting of the OPEC+ alliance scheduled for early December.

The meeting was held in Baghdad and was attended by Iraqi Prime Minister Mohammed Shia Al-Sudani, Russian Deputy Prime Minister Alexander Novak, and Saudi Energy Minister Prince Abdulaziz Bin Salman Al-Saud, said Al-Sudani’s office.

The discussion covered the conditions of global energy markets, the production of crude oil, its flow to markets and meeting demand, explained the official statement. “The participants stressed the importance of maintaining stability, balance and fair prices, with an emphasis on the vital role played by the OPEC+ group in this regard.”

Crude oil prices are witnessing levels that are more than $20 per barrel lower than the average that the OPEC+ alliance aspires to, which is about $95. The price of a barrel of Brent crude reached $74.2 during Thursday’s session.

Iraq has announced on more than one occasion that it is committed to compensating for the production increase it implemented during 2022 and 2023, by cutting production between 2024 and September 2025.

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